Keeping the pulse on the market and current trends of clients is vital to an agent's success. So, what do agents need to know about buyers right now? Read on and find out.
Buyers of Today
For the last year or two, the housing market has been on a steep incline with low inventory issues. This has pushed a lot of buyers out of the market. That, and coming out of the worst of the Covid-19 pandemic, several buyers are still a bit cautious or otherwise discouraged.
Today's buyers need hope, guidance, knowledge - and money. It's why buying a home can be so frustrating for so many right now. With home prices still high (maybe falling?), inventory still low, and interest rates rising - buyers need a strong down payment more than ever.
More and more young people are interested in buying a home and ready to do so even if it means a change of location. Many of todays buyers are willing to relocate to own a home. If that's not motivation, we don't know what is. Buyers in the millennial and Gen Z age range are even buying homes with friends and other family members. Generational living is also more and more popular as families pool their resources together to buy a property.
Hurry Up and Wait
Buyers right now don't want to deal with the hurry up and wait game. Luckily, many deals are going through quickly because of the competitive market conditions. If this isn't the case, it's typically because someone drops the ball or isn't prepared.
More than anything, buyers right now need to have the income and down payment to make a deal happen, and happen quickly. This is also because of interest rates, etc. - if a buyer wants to maintain quality of life and not have their mortgage take over, they need. a sizable down payment.
Odds are you already know this, but buyers now more than ever have a lot of knowledge about the market and the real estate industry in general. With sites like Zillow, Redfin, and the good ole' Google - clients have more access to what's on the market than ever before. This can be both a blessing and a curse for buyers and their agents. As the agent, do your job to guide and further educate your buyers, be patient and diligent and get those buyers some keys ASAP!
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